S&P 500 Weekly Price Forecast – S&P 500 Continues to Look Strong

S&P 500 Weekly Technical Analysis

You can see that the S&P 500 has rallied rather significantly during the course of the week as we have seen so much in the way of bullish pressure yet again. And in fact, this week has seen a little bit of an acceleration of that. The Federal Reserve has come and gone and that of course, has a major influence on where we go next. The Federal Reserve has reiterated its desire to cut rates this year, and therefore Wall Street is off to the races. You can see we are in yet another long-term uptrend, and therefore the only thing you can do is buy this market. Every time it pulls back, you have to be thinking about when you should get involved.

Remember, trends last much longer than you anticipate most of the time. And this one probably won’t be any different. 5,000 is your floor at the moment. I think any short-term pullback gets bought into rather aggressively, especially as the market is driven by just a handful of stocks that everybody owns. So as long as the magnificent seven or six or five or whatever it happens to be at the moment is rallying, there’s no way to short this market.

And quite frankly, you’re either long of the S&P 500 or you’re on the sidelines. It’s really that simple. I have no interest in trying to get too cute here. I think you have a situation where traders continue to buy each and every dip. And I do think that we are going to end up going higher over the longer term. With that being said, the market is one way and that’s the way to look at it.

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